Richmond Savers
  • Blog
  • Free Disney Trip Plan
  • Guides
  • Top Credit Cards
  • About
  • Contact

A Lifetime of Financial Advice in your Wallet

October 7, 2013 by Brad 18 Comments  Richmond Savers has partnered with CardRatings for our coverage of credit card products. Richmond Savers and CardRatings may receive a commission from card issuers.

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.

We read a recent newspaper article that discussed simple rules for a financial lifetime that would fit on just one index card, and while many of them were incredibly similar to concepts we describe here on RichmondSavers.com, some of them were too specific even for the average person.

With that in mind, we came up with our 11 Simple Financial Rules for a Wealthy Life, which when drafting we envisioned fitting in the wallet of every recent college graduate in America as simple advice to follow to nearly ensure yourself a prosperous financial life.

Simplicity Is Often the Best Financial Advice

We all often get bogged down in the details of life, but if you adhere to a measure of simplicity and try to avoid complexity and stress when they aren’t necessary, you can enjoy your journey much more and end up way ahead financially.

11 Simple Rules

Get Our Best Tips Sent to Your Inbox

We'll Help You Slash Your Budget and Travel for Free

Richmond Savers has partnered with CardRatings for our coverage of credit card products. Richmond Savers and CardRatings may receive a commission from card issuers.

Filed Under: Money Saving Tips

Take Your Family to Disney for Pennies on the Dollar!

We did it, and you can too. This guide will show you everything you need to know.

Want more help? We'll walk you through all the steps for free in our program called Keys to the Magic Kingdom Challenge. Join now here -- we're taking the first 500 families who sign up.

Comments

  1. Done by Forty says

    October 8, 2013 at 7:04 am

    That’s a solid list. And while everyone’s approach may be a bit different, those steps will result in a “win” if followed.
    Done by Forty recently posted…October Budget PornMy Profile

    Reply
    • Brad says

      October 8, 2013 at 11:18 am

      Glad you enjoyed it!! Absolutely, there’s a whole assortment of other items that people might include or exclude from our particular list, but the larger point holds that if you follow a set of simple, common-sense principles and stick with them for 50 years, you’re going to be wealthier than just about everyone around you, and a whole lot less stressed!

      Reply
  2. Andrew@LivingRichCheaply says

    October 9, 2013 at 8:10 pm

    Great advice and good rules to live by. What people often don’t get is that financial rules to live a wealthy life is not complicated. I mean as you said, those rules can fit into your wallet. You just have to be committed and discipline in following those rules!
    Andrew@LivingRichCheaply recently posted…How to Be Productive During Your Commute?My Profile

    Reply
    • Brad says

      October 12, 2013 at 10:17 am

      I’m glad you enjoyed the list Andrew. There of course is complexity in the financial world, but using a list such as this will get you 95% of what you need with 0% of the hassle! I feel like people get turned off by everything they don’t know financially and don’t both to do the “easy” things that will make them wealthy beyond their wildest dreams.

      Reply
  3. Jen @ Frugal Rules says

    October 11, 2013 at 6:02 am

    Rule number 8 made a great impact because come to think of it, I believe many financial difficulties started because of the tendency to impress. It may be human nature but often, just to impress, unnecessary purchases happen and it is not only car or house. I was admittedly guilty of this but I am now doing my best to live within my means. It is not easy, yes, but one slow step at a time is better than not exerting any effort at all.
    Jen @ Frugal Rules recently posted…If a Government Shutdown Causes an Economic Crisis, Will You be Ready?My Profile

    Reply
    • Brad says

      October 12, 2013 at 10:21 am

      Hi Jen — thanks for stopping by! I think a lot of us were guilty with this desire to impress at one point or another, but as long as we’re aware of it and trying to get better, that’s all you can ask for. I saw someone driving around in a Jaguar the other day and I seriously thought it was a Hyundai from the side. It was only when I saw the dopey little Jaguar on the hood that I realized this ridiculous car probably cost at least $40,000. Can you imagine spending that just for the name? It’s an ugly car, but yet I’m certain that person talks about their “Jag” over and over. I’d rather have the Hyundai, which is likely more reliable anyway, and pocket the extra $25,000.

      Reply
  4. Pretired Nick says

    October 11, 2013 at 3:41 pm

    No. 10 is excellent and one I wish people would get. Everyone gets so caught up in the house being an investment and it’s really your biggest cash drain. For most people, houses are just boxes we threw our money into and very little more.
    Pretired Nick recently posted…‘OMG, I’m SO BUSY’My Profile

    Reply
    • Brad says

      October 12, 2013 at 10:25 am

      I couldn’t agree more!! A house is a terrible “investment” in general and owning is really a bad option for the vast majority of people as they are stuck with an illiquid asset that requires constant maintenance, repair, taxes, etc.. They put the vast majority of their life savings into this “box” and they can’t ever access that money other than taking a loan against it. But yet because it’s part of the “American Dream” we all move like lemmings into buying as soon as we can.
      If you’re looking for a great read, check out this article: http://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/

      Reply
  5. Charles@Gettingarichlife says

    October 11, 2013 at 11:25 pm

    Great rules although I would say for #2 max out all your retirement accounts. Also a will is your basis for a trust. You don’t want probate to eat up your wealth.
    Charles@Gettingarichlife recently posted…From A Negative Net Worth To A Positive OneMy Profile

    Reply
    • Brad says

      October 12, 2013 at 10:29 am

      Thanks for the comment Charles — I’m glad you enjoyed! I struggle with the advice to ‘max out’ retirement accounts. For many people who otherwise can’t save and don’t expect to retire before 59.5 this is probably excellent advice. But for those of us who expect to need the money well before 59.5, I’m not sure maxing out retirement accounts is the way to go. I know this is a point for serious reflection and debate and I think both sides have valid points; I personally want access to regular savings and investment funds outside of my retirement accounts that have significant restrictions on when I can access the funds.

      Reply
  6. J$ says

    December 2, 2013 at 10:42 pm

    I love that you made this one a LOT easier, and simpler, to follow than that note card one (which I also enjoyed – though got a little lost and then gave up mid-way through reading it ;)). First time on your blog here, and looking forward to reading more.

    Reply
    • Brad says

      December 3, 2013 at 7:49 am

      Thanks so much J$, I’m glad you liked this article in particular as it is one that I’m proudest of! Obviously this doesn’t have all the answers, but I truly believe if people followed these items they’d have a pretty incredible financial life…

      Reply
  7. Heather says

    December 3, 2013 at 11:41 am

    Solid! I like it and plan to share it on Simply Save!

    Reply
    • Brad says

      December 3, 2013 at 7:38 pm

      Nice, thank you very much — I really appreciate it!! This was one of my favorite articles, so I’m glad you enjoyed.

      Reply
  8. slug | sunkcostsareirrelevant.com says

    December 3, 2013 at 12:57 pm

    Nice list. Maxing out retirement, indexing, and buying homes/cars within your means are all critical to my successes.

    Reply
    • Brad says

      December 3, 2013 at 7:39 pm

      That’s a great combo — I think most people would be successful if they followed that wisdom. I’m glad you enjoyed the list!

      Reply
  9. Kit Kat says

    March 12, 2014 at 12:12 pm

    I do not understand point 10, if you are wealthy enough why not buy a house, it can give you rental income if you are not staying in it.

    Reply
    • Brad says

      March 17, 2014 at 9:16 pm

      Keep in mind this is all my own personal opinion and many might disagree: Buying and selling a house carries such huge transactions fees (think 6% real estate commission which means you’re paying $18,000 on a $300,000 hour. That’s $18,000 essentially put in a fireplace and burned) that it is almost impossible to recoup it in fewer than 5-10 years under normal circumstances.

      Then throw in the fact that early in the amortization table you’re only paying a fraction of your monthly payment in principal over the first 5-15 years with the stress that would go with having a big portion of your net worth tied up in an illiquid asset and that leads me to say you should not buy unless you’re staying for the long term and you stop considering it an “investment.”

      Reply

Leave a Reply Cancel reply

CommentLuv badgeShow more posts

Start Saving with Our Free Toolkit

We'll show you how to save an additional $2,000 this year with five simple tools.

Welcome to RichmondSavers.com

Our Family Picture

We're Brad and Laura Barrett and our entire family wants to thank you for visiting!

We love saving money and we found an easy way to save $4,000+ on our Disney World vacation using credit card rewards points.

Read the step-by-step plan that's been featured by the NY Times, NBC, CBS & ABC:

Like Our Site? Then Like Us on Facebook, Too!

Like Our Site? Then Like Us on Facebook, Too!

Most Popular Articles:

  • Take your family to Disney World (nearly) for free: Step-by-Step Instructions
  • The Essential Rewards Credit Card: Chase Sapphire Preferred
  • AMEX Waives Annual Fees for all Active Duty Military Members
  • Booking with a Travel Agent: Save Big by Using the Right Credit Card

Get The Best of Richmond Savers Sent to Your Inbox

We'll Help You Slash Your Budget and Travel for Free

Disclaimers

This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program. RichmondSavers.com makes no representations as to accuracy, completeness, currentness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis. Richmond Savers does not include the entire universe of available financial or credit offers.

RichmondSavers.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.

Copyright © 2021 RichmondSavers.com | Privacy & Terms | Contact